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Ownership means total possession or control of property, which may be a business, an object, land or real estate, intellectual property or some other kind of property.
The rights of ownership are:
- Making decisions about what is owned, and
- Benefiting from the economic returns of what is owned.
Ownership can be divided, or shared between owners. Ownership has no legal value until money is added into the situation. The surplus, or profits, or money value of what is owned is divided according to the ownership accounts.
Ownership is needed for the development of the capitalist socio-economic system. The concept of ownership has existed for thousands of years and in all cultures.